Fintech Australia has requested the national authority to run direct access to near- payments and competition. It includes requiring manufacturers to offer direct access within their NFC payment solution on their devices. The FinTech group presented six ways it could protect innovation in mobile
The mandate was requested in a submission made to the Parliamentary Joint Committee on Corporations and Financial Services. This is being done as part of its inquiry around mobile payment and digital wallet financial services.
It states, “The growth of digital payments encourages greater business competition and innovation, leading to the creation of more tailored products for consumers.”